Discover why U.S.-listed Bitcoin mining stocks soared to a $22.8 billion market cap in June. Learn why investors are increasingly favoring mining stocks over Bitcoin.
In June 2024, U.S.-listed Bitcoin miners achieved a historic milestone, reaching a combined market capitalization of $22.8 billion. This figure, tracked across 14 companies by JPMorgan, underscores a significant shift in investor sentiment as mining stocks outperformed Bitcoin itself during the month. This surge was bolstered by strategic advancements in the industry, notably highlighted by Core Scientific’s recent partnership with CoreWeave in artificial intelligence.
Record Market Cap: The total market cap of 14 U.S.-listed Bitcoin mining stocks hit $22.8 billion by mid-June 2024, marking a new high in the sector's valuation.
Outperformance Over Bitcoin: Mining stocks notably surpassed Bitcoin's performance in the first half of June. Core Scientific (CORZ) led with a remarkable 117% increase, contrasting with a 3% decline in Bitcoin's price during the same period.
Impact of Core Scientific’s Deal: Investor enthusiasm surged following Core Scientific’s strategic partnership with CoreWeave in AI, indicating growing confidence in the mining sector's profitability and innovation.
Network Hashrate Gains: U.S.-listed miners expanded their share of the global network hash rate to approximately 23.8%, up nearly 1% from previous months, reflecting improved operational efficiencies post-halving.
The $22.8 billion market cap milestone for U.S.-listed Bitcoin miners highlights a robust shift toward mining stocks among investors.
As strategic partnerships and operational efficiencies continue to drive sector growth, mining stocks remain a compelling alternative to direct Bitcoin investments.
This trend not only underscores market resilience but also sets the stage for further innovation and profitability in the cryptocurrency mining ecosystem.
Explore more about this evolving market trend!
Source: Coindesk
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